Economic activity in the Cayman Islands as measured by the gross domestic product (GDP) is estimated to have grown by 2.4% in the first quarter of 2016.
“The domestic economy continued to strengthen as GDP growth accelerated from the 1.4% recorded in the first quarter of 2015,” stated Hon. Marco Archer, Minister for Finance and Economic Development.
Indicators show that the first quarter economic performance was broad-based. The major sectors that contributed to growth were transport, storage and communication, construction and wholesale & retail trade. The financing and insurance sector, which remains the largest sector, grew by 1.3%, improving on its 0.4% growth in the first quarter of 2015.
“Overall, the recent performance means that we are on track in achieving the 2.1% forecast GDP growth for the year,” Minister Archer explained.
“I am also pleased to note that the fiscal performance continued to improve,” he added. The fiscal surplus in the first quarter amounted to $180.4 million, $28.5 million higher than a year ago. The central government’s outstanding debt was lower by 4.1% and settled at $508.4 million.